Matt Kohrs on the rise of meme stocks and AMC stock popularity
Retail trader Matt Kohrs discusses the growing popularity of meme stocks and the influence of Reddit investors on Wall Street.
AMC CEO Adam Aaron wants to get even friendlier with his small but growing base of investors now topping 3 million, and he's dangling a big bucket of popcorn in front of the group.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||40.50||+8.60||+26.96%|
The movie theater chain on Wednesday announced "AMC Investor Connect," a direct channel to communicate "often with these investors" about company developments.
"AMC Investor Connect will put our Company in direct communication with a retail investor shareholder base that owned more than 80% of AMC at last count. Many of our investors have demonstrated support and confidence in AMC," he said while noting perks come along with the service. "We start with a free large popcorn on us, when they attend their first movie at an AMC theatre this summer," he noted.
Shares are set to extend gains Wednesday.
AMC SHORES UP $230M STOCK SALE
The move comes one day after the company announced plans to raise $230 million in a stock sale to Mudrick Capital in which 8.5 million shares of Class A common stock were sold at $27.12 apiece, a 3.8% premium over Friday’s closing price. Shortly after the announcement, reports circulated Mudrick had sold all of its AMC shares, per Bloomberg. Mudrick did not return inquiries for comment.
AMC STOCK BANNER FLIES HIGH OVER FLORIDA BEACHES
Ahead of the sale, over the weekend an aerial "AMC we love the stock" banner flew over the Florida beaches. It is unclear who commissioned the flight typically reserved for happy hour and beer promotions.